金吾财讯 | 东北证券发研指，2024 年得益于消费电子行业整体复苏态势，瑞声科技(02018)各项业务板块业绩得到修复。同时自身多板块协同发力效果显著，再加上产品升级、技术提升带来的良率和效率提高，共同推动瑞声科技业绩复苏，公司营收刷新历史新高，归母利润迎来显著回升。该行指，得益于多年的技术创新积累，声学业务整合了硬件、算法与调音服务，引领行业不断升级，2024H1公司完成PSS车载声学业务并表，公司声学产品布局愈发丰富。消费电子声学业务受益于集团高端声学平台持续导入主力机型以及扬声器出货量提升，毛利率显著回升，2024H1公司声学业务毛利率为29.9%，同比提升4.4个百分点。该行指，集团光学技术持续升级，产品结构不断优化，2024H1塑料镜头高端化进展顺利，6P镜头出货占比保持15%以上，并获得了7P塑料镜头项目定点，公司独家WLG工艺带来的出色表现获得了智能手机厂商的积极反馈。2024H1光学业务实现收入人民币22.1亿元/yoy+24.9%，毛利率改善至4.7%，较去年同期显著提升21.7个百分点。该行表示，预计2024-2026年公司实现营收246.10/263.00/279.05亿元，归母净利润16.34/23.08/27.75亿元，对应PE为33.56/23.76/19.75。首次覆盖，给予“买入”评级。
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